Author: Cointelegraph
Translated by: Felix, PANews
MicroStrategy founder and Bitcoin bull Michael Saylor ruled out the possibility of Bitcoin retracting to $60,000 (which is expected to hover around $60,000 for most of 2024).
In an interview with CNBC on November 14, Saylor stated, "I don't think Bitcoin will retract to $60,000, let alone $30,000; it will rise from the current price level." According to CoinMarketCap data, Bitcoin is trading at approximately $89,168.
Saylor mentioned that Trump's victory "clearly" defined the future of cryptocurrency and Bitcoin in the U.S., adding, "I really don't see any bearish factors in the short term."
It would be "surprising" if Bitcoin doesn't break $100,000 before 2025
Saylor said, "I'm planning a party for Bitcoin reaching $100,000." "I think it might be on New Year's Eve at my house, so if Bitcoin doesn't exceed $100,000 in November or December, I would be surprised."
In line with Saylor's views, Material Indicators co-founder Keith Alan stated that Bitcoin could potentially reach $100,000 before November 28 or Thanksgiving in the U.S.
Nevertheless, CryptoQuant CEO Ki Young Ju warned on November 9 that Bitcoin might end the year below $59,000, noting that an overheated futures market is one of the main reasons for his prediction of a year-end crash.
Bitcoin price; Source: CoinMarketCap
Some traders indicated that while volatility may persist, they believe Bitcoin will continue to rise.
Anonymous crypto trader Ash crypto stated in a post on November 14: "High volatility is expected to lead to more liquidations, but overall, the price trend will break upward to new highs."
Financial analyst Rajat Soni also mentioned on November 14 that he "doesn't care about the price" when buying Bitcoin, as "every purchase increases purchasing power."
Saylor also commented on speculation that U.S. SEC Chairman Gary Gensler will resign after Trump takes office, stating that whoever takes over the position will play a "critical role" in the cryptocurrency industry.
"I think this is incredibly bullish for digital assets, very favorable for the crypto industry; we will see more policies supporting Bitcoin, we will see a digital asset framework, and we will see the end of the crypto litigation wars."
The Bitcoin Strategic Reserve Act is the "greatest deal" of the century
Meanwhile, at the digital assets and artificial intelligence infrastructure conference on November 13, Saylor claimed that the U.S. Bitcoin Strategic Reserve Act is "the greatest deal of the 21st century." If passed, the act would set a goal for the U.S. government to accumulate 1 million Bitcoins within five years, accounting for about 5% of the total Bitcoin supply.
"If we don't pass this act, what we are doing is leaving the existing Bitcoins on the balance sheet, which is worth $3 trillion." If the act is passed, "according to the current draft, it will bring $16 trillion in revenue to the U.S. over 21 years."
"If they decide to double the Bitcoin cap, it will bring $30 trillion in revenue."
However, Galaxy Digital founder Mike Novogratz stated that the likelihood of fulfilling the promise to establish a Bitcoin strategic reserve during Trump's term is "very low."
Related: Powell's hawkish remarks hit interest rate cut expectations, financial markets face a correction
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